Marvel Entertainment posts lower net income, ups guidance

SarahTurner

LONDON (MarketWatch) -- Marvel Entertainment Inc.
MVL, -2.72%
said that first-quarter net income dropped to $17.5 million, or 19 cents a share, from $27.7 million, or 25 cents a share, a year ago. Analysts polled by Thomson First Call had expected the entertainment company to post earnings of 12 cents a share. Revenue declined 13% to $90.1 million, after licensing sales dropped 44% to $39.6 million. The company revised its 2006 guidance due to a shift in its higher-margin licensing segment, coupled with share repurchases. It now expects to report net income in a range of 46 cents to 57 cents a share, from a prior range of 44 cents to 55 cents a share. The Marvel board also approved a new $100 million share repurchase program.

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